PetroTal Reports Strong Q3 Production and Financial Updates
News related to:PetroTal · 2 min read
PetroTal Corp., a Calgary-based oil and gas development company, announced strong operational and financial updates for the third quarter of 2026. The company reported that its group production averaged 11,797 barrels of oil per day (bopd) in Q3 2026, with 11,465 bopd from the Bretana field (Block 95; PetroTal 100% working interest) and 332 bopd from the Los Angeles field (Block 131; PetroTal 100% working interest). Year-to-date production has averaged 13,076 bopd, approximately 3% ahead of internal budget expectations.
The company also noted that it has increased its unrestricted cash balance to $115.6 million as of September 30, 2026, up by more than $10 million quarter-over-quarter. PetroTal's Bretana 25H development well, which was spudded on Monday, September 21, is currently drilling at a depth of 3,362 meters and is progressing on schedule. The well is expected to return the Bretana field production to approximately 20,000 bopd by the end of the first quarter of 2027.
In other developments, PetroTal signed a Technical Evaluation Agreement (TEA) with PeruPetro, covering Area CXVII in Peru's Maranon Basin. The TEA runs for an initial 24 months, which PeruPetro may extend by up to 12 months. During the term, PetroTal has exclusive rights to evaluate the area, including two structures where legacy wells have previously tested oil. Both structures have potential in the Vivian formation, which is the producing reservoir at Bretana, and in the deeper Chonta formation that produces oil in Blocks 8 and 192.
PetroTal's total cash position as of September 30, 2026, was $151.4 million, of which approximately $115.6 million was unrestricted. The company has initiated new hedges on approximately 0.9 million barrels of oil in Q3 2026. As of September 30, 2026, the Company maintains hedges on approximately 338,000 barrels over the remainder of 2026 and a total of 1.7 million barrels through 2027. The costless collars have a weighted average Brent floor price of $60/bbl and a ceiling of $78/bbl, with a cap of $98/bbl. PetroTal's production hedges had a fair value of negative $12.8 million as of September 30, 2026.
PetroTal's management team will host a webcast to discuss Q3 2026 financial results on November 9, 2026, at 9am CT (Houston) and 3pm GMT (London).